Iran Plans to Build Nine Petrochemical Plants

Iran Plans to Build Nine Petrochemical Plants
Persian Gulf Petrochemical Industries Corporation, Asaluyeh, Iran (Photo: PGPIC)

The Persian Gulf Petrochemical Industries Company (PGPIC) announced its intention to construct nine petrochemical parks across Iran, including locations such as Chabahar, Jask, Sirik, Parsian, Naiband, Assaluyeh, Dashtestan, Genaveh, Deylam, Omidieh, and the Arvand Free Zone. This ambitious endeavour seeks to bolster Iran's petrochemical industry and requires an estimated investment of $5.5 billion, Tasnim News reports.

CEO Abdolali Aliaskari highlighted the significant economic benefits of constructing nine petrochemical parks in Iran. These parks have the potential to produce 4.65 million tons of petrochemicals annually, generating approximately $6.9 billion in foreign exchange earnings. The projects are also expected to create both direct and indirect employment opportunities, with the construction phase alone offering jobs to 12,885 individuals and an additional 71,000 indirect jobs during operation. 

Furthermore, the Persian Gulf Petrochemical Industries Company achieved a 9.5 percent growth in annual production capacity, reaching a record production of 23.2 million tons in the current year.

Aliaskari attributed the company's success to several significant achievements. Commissioning the Hoveyzeh Refinery in the Persian Gulf and the operation of the olefin project in Gachsaran were highlighted explicitly as notable milestones for the Persian Gulf Petrochemical Industries Company during this year.

Persian Gulf Petrochemical Industries Corporation is an Iranian public holding company mainly active in investing in and administrating natural gas processing plants, chemical factories, oil, and polymer.